We take notice when the Hang Seng speaks as it is one of our indicator species for global risk appetite.  The index closed down for the seventh consecutive day, which has initially happened only 14 times since 1987, and is also close to breaking major support.   The Shanghai gyrated during today’s  trading session, but managed a late rally to close up on the day.   Time to reduce or get shorty risk, in our opinion.  Stay tuned.

(click here if chart is not observable)